Uranium Demand to Push Up Income in Northern Territory

Demand for uranium will push up income from mineral exploration in the Northern Territory (NT) to A$100m, according to Australian reports.

The number of exploration licences for uranium in the area has doubled on last year, with nearly 80 companies actively exploring or applying for exploration rights.

Uranium is catching up with gold as the most sought after mineral with 37 companies competing for the Angela and Pamela deposits near Alice Springs, according to the NT Minerals Council.

China's continued need for uranium for power generation is also pushing up demand for the mineral.

Reported by staff writer